Prudential Singapore, a local subsidiary of UK-based insurer Prudential plc, has launched a new cooperative scheme to facilitate collaborative relationships with the fintech sector.
A first of its kind for the company, the partnership program, called ‘Fintegrate’, will seek to establish collaborative relationships with local and internationally based fintechs to co-develop “innovative financial solutions, simple interfaces and seamless experiences for customers,” the company said.
The program will also dedicate Prudential resources to help expedite the building and validation of digital prototypes at scale, the company added.
Nic Nicandrou, chief executive of Prudential Corporation Asia, said the company is keen to collaborate with entrepreneurial start-ups as well as invest in opportunities that enhance the company’s internal capabilities.
“Digital innovation is a key component in our overall strategy for the region as we recognise the fast-changing needs and preferences of our customers,” Nicandrou said, including a “technology-savvy millennial generation … expected to represent 60 per cent of the global millennial population by 2020.”
The Singapore division was chosen specifically for its “highly-skilled workforce, strong digital infrastructure and vibrant start-up scene,” Nicandrou said.
“Singapore is an important innovation test-bed for the Prudential Group and best-in-class solutions developed here could be deployed across the region,” Nicandrou said. “Singapore provides a fertile environment for our digital innovation programs such as PRU Fintegrate to flourish and to help transform the insurance industry.”
Fintegrate is open to fintech start-ups from across the globe, with the program already working with a range of start-ups to develop solutions to 19 insurance-related problems – including customer engagement, financial inclusion and regtech – raised during the 2017 Global Fintech Hackcelerator, hosted in Singapore.
Selected start-ups will be able to integrate their solutions into the business through the insurer’s Application Programming Interface (API) platform. Prudential’s business mentors and digital specialists will provide guidance to ensure that the solutions are commercially viable.
Prudential said it would collaborate with start-ups that have a solid track record and offer solutions that can be applied at scale and at speed. Other selection criteria include the applicability of their solutions to provide better customer experiences, as well as viable customer use cases.